With Medicare’s open enrollment period set to begin tomorrow, Governor Kathy Hochul is calling on more New Yorkers to take advantage of the state’s expanded Medicare Savings Program (MSP). The program, which now serves nearly one million residents, offers significant financial relief to older adults by reducing healthcare costs, potentially saving participants an average of $7,400 annually.
The initiative saw a major expansion under Hochul’s administration, with income eligibility limits raised to ensure that more individuals statewide could benefit. The governor’s office announced that the 2024 income limits for MSP are set at $2,355 per month for individuals and $3,189 for couples, broadening the program’s reach to include more New Yorkers.
“By expanding the Medicare Savings Program, we’re reducing healthcare costs for older New Yorkers and putting thousands of dollars back in their pockets,” Hochul said in a statement. “I urge everyone to take advantage of the open enrollment period to see if they qualify for these savings and explore other Medicare options that could reduce their out-of-pocket expenses.”
The Medicare open enrollment period, which runs from Oct. 15 through Dec. 7, allows beneficiaries to review and adjust their healthcare coverage. During this time, New Yorkers can also inquire about the MSP and receive assistance through the state’s Health Insurance Information, Counseling, and Assistance Program (HIICAP). While MSP enrollment is available year-round, open enrollment presents an opportunity to reassess Medicare plans and savings.
The MSP supports low-income Medicare recipients by covering their Medicare Part B premiums, which amounts to $174.70 monthly in 2024. Enrollees are also automatically signed up for the federal Extra Help program, which further reduces prescription drug costs. Combined, the benefits provide substantial savings, especially for older adults managing tight budgets.
The governor’s office shared data revealing the impact of the expanded MSP across New York’s regions. New York City leads with over 574,000 enrollees, followed by Long Island and the Hudson Valley, each with more than 70,000 participants. Western New York, the Finger Lakes, and the Capital District also have tens of thousands of residents benefiting from the program.
State officials praised the expanded MSP for easing the financial burden on older adults and providing greater access to healthcare. Greg Olsen, Director of the New York State Office for the Aging, emphasized the importance of outreach efforts in driving the program’s success.
“Thanks to our expanded efforts and Governor Hochul’s leadership, nearly one million New Yorkers are now enrolled in the MSP, saving millions in healthcare costs,” Olsen said. “This program is a game-changer for so many who struggle to afford their premiums and medications.”
The New York State Department of Health has also highlighted the significance of the MSP, particularly for those who do not qualify for Medicaid. State Health Commissioner Dr. James McDonald pointed out that the program serves as a crucial safety net, ensuring that individuals with limited income can still access necessary healthcare services.
“A near million-person enrollment underscores our commitment to health equity,” McDonald said. “The MSP helps ensure that even those who might not be eligible for Medicaid can still afford timely care without being financially overwhelmed.”
AARP New York, a longtime advocate for expanding the MSP, also applauded the enrollment milestone. State Director Beth Finkel noted that the expansion has helped countless older adults and their families manage the increasing costs of healthcare.
“AARP is proud of our years of advocacy on this issue,” Finkel said. “Now, thanks to this program, more New Yorkers can live with the peace of mind that they can afford their healthcare.”
HIICAP provides free, objective counseling to those with questions about Medicare enrollment, savings programs, or any related issues. The program is accessible through a toll-free hotline at 1-800-701-0501, where callers will be connected to local resources. Additionally, the application process for MSP can be completed online through the New York State Department of Health’s website or by visiting local Department of Social Services offices.
Beyond the MSP, the Medicare open enrollment period is a chance for beneficiaries to assess their overall healthcare coverage. During this time, HIICAP counselors can guide older adults through a variety of options, such as the Medicare Part D prescription drug plan, the Elderly Pharmaceutical Insurance Coverage (EPIC) program, and Medicare Advantage plans. The open enrollment period also provides an opportunity to report potential Medicare fraud, file complaints, and appeal decisions.
The Social Security Administration estimates that those enrolled in both MSP and Extra Help could see annual savings of around $5,300 on drug costs alone. This combination of support allows older adults to maintain Medicare coverage and continue accessing essential healthcare services while easing financial strain.
The state’s expansion of the MSP in 2022, combined with ongoing efforts to update income eligibility each year, has significantly bolstered the number of enrollees. However, state officials encourage those whose income is just above the posted limits to still inquire about the program. Certain out-of-pocket costs may be deductible from gross income, potentially allowing more individuals to qualify for assistance.
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